#MARKETS: #Oil surges on #OPEC deal analysts see more upside December 2 2016 The two-and-a-half-year oil bust could be coming to an end thanks to OPEC. The oil cartel pulled off a surprise agreement snatching victory from the jaws of defeat. The deal calls for collective cuts from 13 members (Indonesia suspended its membership) reducing output by 1.2 million barrels per day to 32.5 mb/d. Also non-OPEC countries will cut output by 600000 barrels per day including 300000 bpd from Russia. The…

Reuters: Oil prices fall as Russia says will not attend OPEC meeting. Oil prices fell over 1 percent on Tuesday on market jitters over whether producer cartel OPEC would be able to hammer out a meaningful output cut during a meeting on Wednesday, aimed at reining in a global supply overhang and propping up prices, according to Reuters. Brent crude futures were trading at $47.69 per barrel. U.S. West Texas Intermediate crude futures were down 51 cents, at $46.58 a barrel. 2016-11-29